WHITE PLAINS, N.Y., Drew Industries Inc., a supplier of components for recreational vehicles and manufactured homes, reported third quarter net income of $8 million on net sales of $147 million.
That compares with net income of $7.2 million on net sales of $122 million for the same quarter in 2009.
Drew, parent company of Lippert Components and Kinro, both with plants in Pendleton, ended its third quarter Sept. 30.
Quarterly net income was up 11.1 percent from the year before while net sales were up 20.5 percent.
The sales increase largely was the result of a 17-percent increase in industry-wide wholesale shipments of travel trailers and fifth-wheel RVs, Drew's primary market.
Drews RV segment represented 83 percent of the companys consolidated net sales in the 2010 third quarter.
Drew's long-term success has been based on market share gains and new product development, and we have a great line-up of new products, said Jason Lippert, CEO of Drew's subsidiaries, Lippert Components and Kinro. So far this year, we have announced a series of new patent-pending RV products, including an innovative wall slide-out mechanism, new leveling devices, a new power roof lift for tent campers, and an advanced remote locking system for entry doors.